The QSE Index declined 0.2% to close at 9,088.0. Losses were led by the Telecoms and Real Estate indices, falling 2.8% and 0.6%, respectively.

1. Page 1 of 9
QSE Intra-Day Movement
Qatar Commentary
The QSE Index declined 0.2% to close at 9,088.0. Losses were led by the Telecoms and
Real Estate indices, falling 2.8% and 0.6%, respectively. Top losers were Al Khaleej
Takaful Insurance Company and Ooredoo, falling 4.2% and 3.3%, respectively.
Among the top gainers, Qatar Navigation gained 6.1%, while Qatar Islamic Insurance
Company was up 3.7%.
GCC Commentary
Saudi Arabia: The TASI Index rose 0.2% to close at 8,248.5. Gains were led by the
Real Estate Mgmt & Dev and REITs indices, rising 2.5% and 1.6%, respectively.
Ash-Sharqiyah Dev. Co. rose 9.8%, while MetLife AIG ANB Coop. Ins. was up 6.4%.
Dubai: The DFM General Index gained 0.5% to close at 3,042.8. The Consumer
Staples. index rose 3.5%, while the Real Estate & Const. index gained 1.7%. SHUAA
Capital rose 9.6%, while Dubai Islamic Insurance and Reinsurance Co. was up 6.1%.
Abu Dhabi: The ADX General Index rose 0.6% to close at 4,697.2. The Energy index
gained 6.8%, while the Real Estate index rose 1.8%. Dana Gas gained 14.9%, while
Eshraq Properties Co. was up 4.3%.
Kuwait: The Kuwait Main Market Index rose marginally to close at 4,788.6. The
Insurance index gained 2.3%, while the Consumer Goods index rose 0.6%. Umm Al
Qaiwain General Inv. Co. gained 10.0%, while Energy House Holding was up 9.9%.
Oman: The MSM 30 Index fell 0.4% to close at 4,722.5. Losses were led by the
Services and Financial indices, falling 0.3% and 0.1%, respectively. Al Hassan
Engineering fell 22.5%, while Alizz Islamic Bank was down 2.6%.
Bahrain: The BHB Index fell 0.5% to close at 1,263.1. The Investment index
declined 1.7%, while the Services index fell 0.2%. Inovest declined 10.3%, while
United Gulf Holding Company was down 9.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Qatar Navigation 60.45 6.1 88.6 8.1
Qatar Islamic Insurance Company 52.90 3.7 8.3 (3.8)
Doha Insurance Group 12.98 3.4 4.0 (7.3)
Qatari Investors Group 34.61 2.4 310.1 (5.4)
Gulf Warehousing Company 42.66 2.4 80.9 (3.0)
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Mesaieed Petrochemical Holding 17.10 (1.4) 1,261.1 35.8
Qatar Gas Transport Company Ltd. 14.59 (0.1) 795.1 (9.4)
Investment Holding Group 5.69 2.0 755.3 (6.7)
Vodafone Qatar 9.30 (2.0) 707.1 16.0
Mazaya Qatar Real Estate Dev. 7.13 (0.8) 555.6 (20.8)
Market Indicators 26 April 18 25 April 18 %Chg.
Value Traded (QR mn) 186.0 321.0 (42.0)
Exch. Market Cap. (QR mn) 506,183.1 508,930.0 (0.5)
Volume (mn) 7.4 12.2 (38.9)
Number of Transactions 3,317 4,712 (29.6)
Companies Traded 43 42 2.4
Market Breadth 19:20 21:18 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 16,012.06 (0.2) (1.2) 12.0 13.2
All Share Index 2,703.77 (0.4) (1.3) 10.1 13.4
Banks 3,098.84 (0.5) (1.5) 15.7 12.6
Industrials 3,041.91 (0.4) (2.0) 16.1 14.6
Transportation 1,825.04 2.5 5.9 3.9 11.7
Real Estate 1,941.30 (0.6) (4.2) 0.0 13.1
Insurance 3,118.20 1.4 (0.8) (12.5) 24.9
Telecoms 1,094.32 (2.8) (2.5) (0.5) 32.1
Consumer 5,879.76 (0.4) 5.6 20.8 13.6
Al Rayan Islamic Index 3,712.86 0.3 0.1 9.7 14.9
GCC Top Gainers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Qatar Navigation Qatar 60.45 6.1 88.6 8.1
Jabal Omar Dev. Co. Saudi Arabia 47.01 3.7 1,508.3 (20.5)
Makkah Const. & Dev. Co. Saudi Arabia 78.30 3.2 841.9 3.4
National Mobile Telecom. Kuwait 0.89 3.1 11.6 (18.1)
Emaar Properties Dubai 5.57 3.0 6,043.3 (14.8)
GCC Top Losers
##
Exchange Close
#
1D% Vol. ‘000 YTD%
Saudi Int. Petrochemical Saudi Arabia 23.05 (4.8) 4,766.5 32.1
Ooredoo Qatar 79.55 (3.3) 219.1 (12.3)
Kuwait Projects Co Holding Kuwait 0.26 (2.7) 271.2 (19.8)
Saudi Arabian Fertilizer Co. Saudi Arabia 66.94 (2.5) 479.3 2.8
Nat Ship Co of Saudi Arabia Saudi Arabia 29.66 (2.5) 1,280.8 (5.8)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC
Composite Large Mid Cap Index)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
Al Khaleej Takaful Insurance Co. 11.50 (4.2) 69.0 (13.1)
Ooredoo 79.55 (3.3) 219.1 (12.3)
Qatari German Co. for Med. Dev. 5.61 (2.9) 14.0 (13.2)
Qatar Industrial Manufacturing 39.00 (2.0) 7.4 (10.8)
Vodafone Qatar 9.30 (2.0) 707.1 16.0
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Mesaieed Petrochemical Holding 17.10 (1.4) 21,734.2 35.8
Ooredoo 79.55 (3.3) 17,584.5 (12.3)
Qatar Fuel Company 138.00 (1.1) 16,114.3 35.2
Qatar Gas Transport Co. Ltd. 14.59 (0.1) 11,669.8 (9.4)
Qatari Investors Group 34.61 2.4 10,790.5 (5.4)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 9,088.01 (0.2) (1.2) 6.0 6.6 53.25 139,048.5 13.2 1.4 4.8
Dubai 3,042.82 0.5 (1.3) (2.1) (9.7) 51.88 104,549.6 10.4 1.1 6.0
Abu Dhabi 4,697.23 0.6 (0.2) 2.4 6.8 55.01 129,529.9 12.2 1.3 5.2
Saudi Arabia 8,248.47 0.2 (0.3) 4.8 14.1 1,267.50 518,491.4 18.2 1.8 3.2
Kuwait 4,788.55 0.0 (1.1) (4.2) (4.2) 38.97 33,704.4 15.0 0.9 3.8
Oman 4,722.46 (0.4) (0.8) (1.1) (7.4) 3.47 19,769.5 11.8 1.0 5.1
Bahrain 1,263.08 (0.5) (2.9) (4.2) (5.2) 5.63 19,614.8 8.2 0.8 6.5
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any)
9,060
9,080
9,100
9,120
9,140
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 9
Qatar Market Commentary
 The QSE Index declined 0.2% to close at 9,088.0. The Telecoms and Real
Estate indices led the losses. The index fell on the back of selling
pressure from GCC shareholders despite buying support from Qatari and
non-Qatari shareholders.
 Al Khaleej Takaful Insurance Company and Ooredoo were the top losers,
falling 4.2% and 3.3%, respectively. Among the top gainers, Qatar
Navigation gained 6.1%, while Qatar Islamic Insurance Company was
up 3.7%.
 Volume of shares traded on Thursday fell by 38.9% to 7.4mn from
12.2mn on Wednesday. Further, as compared to the 30-day moving
average of 11.3mn, volume for the day was 34.0% lower. Mesaieed
Petrochemical Holding Company and Qatar Gas Transport Company
Limited were the most active stocks, contributing 16.9% and 10.7% to
the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Earnings Releases, Global Economic Data and Earnings Calendar
Earnings Releases
Company Market Currency
Revenue (mn)
1Q2018
% Change
YoY
Operating Profit
(mn) 1Q2018
% Change
YoY
Net Profit
(mn) 1Q2018
% Change
YoY
Saudi Cable Co. Saudi Arabia SR – – -29.8 N/A -20.7 N/A
Saudi Cement Company Saudi Arabia SR – – 148.5 -11.8% 142.2 -13.7%
Zahrat Al Waha for Trading Co. Saudi Arabia SR – – 7.5 -51.0% 4.3 -64.7%
Saudi Arabia Fertilizers Co. Saudi Arabia SR – – 241.6 -38.8% 237.2 -44.0%
Emirate Integrated
Telecommunications Company
Dubai AED 3,330.9 5.2% 1,031.8 24.0% 512.6 40.5%
National Central Cooling Co. Dubai AED 274.4 1.6% 96.6 3.9% 77.7 3.1%
Source: Company data, DFM, ADX, MSM, TASI, BHB.
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/26 US Department of Labor Initial Jobless Claims 21-April 209k 230k 233k
04/26 US Department of Labor Continuing Claims 14- April 1,837k 1,850k 1,866k
04/27 US Bureau of Economic Analysis GDP Price Index 1Q 2018 2.0% 2.2% 2.3%
04/27 UK GfK NOP (UK) GfK Consumer Confidence April -9 -7 -7
04/27 UK UK Office for National Statistics GDP QoQ 1Q 2018 0.1% 0.3% 0.4%
04/27 UK UK Office for National Statistics GDP YoY 1Q 2018 1.2% 1.4% 1.4%
04/27 EU European Commission Economic Confidence April 112.7 112 112.7
04/27 EU European Commission Business Climate Indicator April 1.35 1.28 1.44
04/27 EU European Commission Industrial Confidence April 7.1 5.8 7.0
04/27 EU European Commission Services Confidence April 14.9 15.9 15.9
04/27 EU European Commission Consumer Confidence April 0.4 0.4 0.4
04/26 Germany GfK AG GfK Consumer Confidence May 10.8 10.8 10.9
04/27 Germany Deutsche Bundesbank Unemployment Change (000's) April -7k -15k -18k
04/27 France INSEE GDP QoQ 1Q 2018 0.3% 0.4% 0.7%
04/27 France INSEE GDP YoY 1Q 2018 2.1% 2.3% 2.6%
04/27 France INSEE PPI MoM March 0.4% – 0.1%
04/27 France INSEE PPI YoY March 2.5% – 1.6%
04/27 France INSEE Consumer Spending MoM March 0.1% 0.5% 2.5%
04/27 France INSEE Consumer Spending YoY March 2.3% 2.5% 2.3%
04/27 France INSEE CPI MoM April 0.1% 0.1% 1.0%
04/27 France INSEE CPI YoY April 1.6% 1.6% 1.6%
04/27 Japan Ministry of Internal Affairs Jobless Rate March 2.5% 2.5% 2.5%
04/27 Japan METI Industrial Production MoM March 1.2% 0.5% 2.0%
04/27 Japan METI Industrial Production YoY March 2.2% 2.0% 1.6%
04/27 China National Bureau of Statistics Industrial Profits YoY March 3.1% – 10.8%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
Overall Activity Buy %* Sell %* Net (QR)
Qatari Individuals 46.23% 34.22% 22,326,928.75
Qatari Institutions 21.16% 29.82% (16,124,655.93)
Qatari 67.39% 64.04% 6,202,272.82
GCC Individuals 1.49% 1.16% 614,901.03
GCC Institutions 1.10% 8.81% (14,345,360.99)
GCC 2.59% 9.97% (13,730,459.96)
Non-Qatari Individuals 13.13% 12.26% 1,624,905.43
Non-Qatari Institutions 16.89% 13.72% 5,903,281.71
Non-Qatari 30.02% 25.98% 7,528,187.14

3. Page 3 of 9
Earnings Calendar
Tickers Company Name Date of reporting 1Q2018 results No. of days remaining Status
MRDS Mazaya Qatar Real Estate Development 29-Apr-18 0 Due
QGMD Qatari German Company for Medical Devices 29-Apr-18 0 Due
QFBQ Qatar First Bank 29-Apr-18 0 Due
MCCS Mannai Corporation 29-Apr-18 0 Due
QNNS Qatar Navigation (Milaha) 29-Apr-18 0 Due
UDCD United Development Company 29-Apr-18 0 Due
QOIS Qatar Oman Investment Company 29-Apr-18 0 Due
AKHI Al Khaleej Takaful Insurance Company 29-Apr-18 0 Due
QFLS Qatar Fuel Company 29-Apr-18 0 Due
MPHC Mesaieed Petrochemical Holding Company 30-Apr-18 1 Due
VFQS Vodafone Qatar 30-Apr-18 1 Due
AHCS Aamal Company 30-Apr-18 1 Due
ERES Ezdan Holding Group 30-Apr-18 1 Due
Source: QSE
News
Qatar
 IQCD's bottom line rises 32.4% QoQ in 1Q2018, exceeding our
estimate; Maintain Market Perform and TP of 109 – Industries
Qatar's (IQCD) net profit rose 32.4% QoQ (+36.6% YoY) to
QR1,267.88mn in 1Q2018, exceeding our estimate of
QR1,149.87mn (variation of +10.3%). The company's revenue
(from the steel segment) came in at QR1,377.83mn in 1Q2018,
which represents a decrease of 5.3% QoQ; steel revenue
exceeded our forecast of QR1,236.41mn. On YoY basis revenue
rose 24.4%. EPS amounted to QR2.10 in 1Q2018 as compared to
QR1.53 in 1Q2017. The group reported impressive operational
and financial performance with revenue and net profit
improving over the last year and last quarter, a spokesman said,
adding higher product prices versus last year's, stable sales
volumes, and continued focus on cost management were the
driving factors of this commendable performance. Revenue was
up significantly on last year. A significant price uptick in the
group’s steel products was the contributing reason for this
notable increase. On the other hand, on a like-for-like basis,
management reporting revenue, assuming proportionate
consolidation, was QR4bn, a moderate increase over 2017. Both
prices and volumes were the driving factors contributing to this
increase. The group’s sales volumes have moderately improved
on last year's amid a number of planned and unplanned
shutdowns in some facilities. Polyethylene sales improved
through higher production, as the segment was on an extended
unplanned shutdown during the first quarter of 2017. Recovery
in the global demand has aided the group’s fertilizer segment,
while the sales of steel products improved due to the change of
geographical mix. The group’s financial position remains solid
as cash across the group stands at QR8.8bn after paying 2017’s
dividend of QR3bn, and periodic debt payments amounting to
QR0.1bn. Total debt across the group now stands at QR0.4bn,
down from QR0.5bn as on December 31, 2017. The spokesman
said the group has signed an off-take agreement with Qatar
Chemical and Petrochemical Marketing and Distribution
Company (Muntajat) to market, sell and distribute the group’s
steel products with effect from May 1, 2018. We continue to
maintain our rating and TP for IQCD. (QNBFS Research, QSE,
Gulf-Times.com)
 QNNS reports ~QR260mn net profit in 1Q2018, in-line with our
estimate – Qatar Navigation (QNNS), which also goes by the
name ‘Milaha’, reported net profit of ~QR260mn in 1Q2018 as
compared to QR107.1mn in 4Q2017, in line with our estimate of
QR254.5mn (variation of ~+2%). The company's operating
revenue came in at ~QR698mn in 1Q2018 as compared to
QR835.2mn in 4Q2017. EPS increased to QR2.29 in 1Q2018 from
QR2.08 in 1Q2017. On YoY basis, Milaha Maritime & Logistics’
revenue increased by QR65mn and net profit by QR29mn, as a
result of volume growth in the Ports business, and better
operating margins in the Container Shipping unit. Milaha Gas &
Petrochem’s revenue decreased by QR5mn and net profit by
QR54mn. Low shipping rates and the knock-on effect on vessel
valuations in the sectors the company operates, continue to
impact profits. Milaha Offshore’s revenue decreased by
QR29mn and bottom line by QR13mn. Milaha Capital’s revenue
increased by QR45mn and net profit by QR65mn, with higher
dividend income from the equity portfolios driving most of the
growth. Milaha Trading’s revenue increased by QR12mn and
net profit decreased by QR3mn, due to decreased margins on
equipment and bunker sales. (QSE)
 MERS' net profit declines 24.4% QoQ in 1Q2018 – Al Meera
Consumer Goods Company's (MERS) net profit declined 24.4%
QoQ to QR43.34mn in 1Q2018. However, on YoY basis net profit
rose 7%. EPS amounted to QR2.17 in 1Q2018 as compared to
QR2.03 in 1Q2017. (QSE)
 QCFS reports QR2.72mn net profit in 1Q2018 – Qatar Cinema
and Film Distribution Company (QCFS) reported net profit of
QR2.72mn (+757.3% QoQ) in 1Q2018 as compared to QR0.32mn
in 4Q2017. However, on YoY basis net profit fell 7.9%. EPS
amounted to QR0.44 in 1Q2018 as compared to QR0.47 in
1Q2017. (QSE)
 IGRD's bottom line rises 41.3% QoQ in 1Q2018 – Investment
Holding Group’s (IGRD) net profit rose 41.3% QoQ (+19.5% YoY)
to QR14.44mn in 1Q2018. EPS amounted to QR0.17 in 1Q2018
as compared to QR0.15 in 1Q2017. (QSE)
 The Commercial Bank initiative to help startups of Qatari
entrepreneurs – The Commercial Bank is supporting Qatari
entrepreneurs with a new initiative that puts their startup
businesses on the spotlight. The Commercial Bank is providing

4. Page 4 of 9
space at The Commercial Bank Plaza building in West Bay for
Qatari entrepreneurs, startups, and SME businesses to display
their products to a wider audience and help bring them closer to
new and potential customers. According to the bank, a new
business is chosen each month to go on display. The bank
started the initiative in March and the choice was “Market
Cafe,” a Qatari business that has more than 30 local suppliers
providing organic coffee and a selection of sweet treats. The
Commercial Bank’s initiative to support Qatari entrepreneurs
follows the Qatar National Vision 2030, in which SMEs play a
vital role in creating a strong and diversified private sector.
(Gulf-Times.com)
 MDPS: Qatar’s foreign merchandise trade balance sees
QR13.4bn surplus YoY in March – Qatar’s foreign merchandise
trade balance has recorded a surplus of QR13.4bn, up 45.3% YoY
in March; data provided by the Ministry of Development
Planning and Statistics (MDPS) has showed. The country’s
total exports (including exports of goods of domestic origin and
re-exports) amounted to QR23.9bn in March, up 22% on the
same period last year and 6.7% on February this year. Qatar’s
imports totaled QR10.5bn in March, which showed an increase
of 1.3% over the same period last year. However, on a MoM
basis the imports increased by 26.4%. The YoY increase in
exports up to March was mainly due to higher exports of
petroleum gases and other gaseous hydrocarbons (LNG,
condensates, propane, butane, etc), which reached QR14.9bn.
(Gulf-Times.com)
 Barwa Bank 1Q2018 net profit jumps 15% to QR208.7mn –
Barwa Bank Group’s net profit jumped 15% to reach QR208.7mn
in the first quarter of this year compared with the same period
in 2017. Barwa Bank Group’s Chairman and Managing Director,
Sheikh Mohamed bin Hamad bin Jassim al-Thani said, “The
group has succeeded in achieving strong and steady results for
the first three months of the year by taking advantage of the
extensive customer base that the group has been able to build
over the past years. “This also came in line with the
management’s ability to adapt to the current market conditions
by working with dynamism and flexibility, which reflected
positively on all financial indicators. The group achieved a
return on equity of 11.7%.” The Chairman expressed confidence
in Barwa Bank Group’s commitment to continue delivering its
responsibilities this year by working hard on strengthening its
position across the Islamic banking sector in Qatar, and
exerting greater efforts to support the national economy in
achieving the vision of HH the Emir Sheikh Tamim bin Hamad
al-Thani and translating the ambitions of the government’s
leadership. Group’s CEO Khalid al-Subaie said the business
model of the group, the diversity of income sources, along with
the variety of its innovative products that suit all customers
segments, have enabled the bank to increase its financing
revenues by 9.5%, exceeding QR517mn, as well as its
commission revenues exceeding QR55mn or a 41% increase. In
addition, the group’s total assets have increased by 9.5%,
exceeding QR48.8bn, which was supported by a significant rise
in customer deposits of 6.6% reaching QR31.5bn. (Gulf-
Times.com)
 MEC signs cooperation deal with Dutch firm HERE Global – The
Ministry of Economy and Commerce (MEC) signed a
cooperation agreement with the Dutch company HERE Global,
which is providing navigation systems used by world’s largest
manufacturers of cars, on the sidelines of Qatar’s participation
in Hanover International Industrial Fair 2018 in Germany.
According to the agreement, the commercial location data will
be provided according to geographical distribution in Qatar so
that the company will be able to merge it with data and update
maps for navigation systems in cars. (Gulf-Times.com)
 Qatar e-accessibility reach best in the world – The rate of e-
Accessibility in Qatar has reached 91%, thus becoming the first
among Arab and regional countries and the best in the world,
HE the Minister of Transport and Communications Jassim Seif
Ahmed al-Sulaiti said. The announcement came in a statement
on the sidelines of the conclusion of the second edition of the
three-day Gulf Region Education Assistive Technology
Conference 2018 (Great 2018), organised by Mada Assistive
Technology Centre. (Gulf-Times.com)
 Huge jump in tourist arrivals at Doha Port – The Doha Port
served more than 66,000 tourists in the 2017-18 seasons, a 97%
increase over the previous season. Disclosing this, Qatar Ports
Management Company (Mwani Qatar) said on Twitter that the
jump in tourist arrivals via Doha Port "confirms Qatar's appeal
as a tourism destination and its ability to become a major cruise
hub in the Middle East". A total of 33,600 tourists arrived in
Doha via the port in the 2016-17 season, according to Mwani
Qatar. The 2017-18 cruise seasons began on October 26 last
year and concluded earlier this week. More than 20 visits were
made to Doha by various vessels, including two mega cruise
ships, MSC Splendida and TUI Mein Schiff 5 — during this
period. Mwani Qatar had made all necessary arrangements to
ensure the success of the season and provide the best services
for passengers and vessels visiting the port, in co-ordination
with Qatar Tourism Authority, the Ministry of Interior and
General Authority of Customs. Tourists arriving on these ships
got the opportunity to visit several landmarks in the country. A
number of cruise ships of different sizes made multiple visits to
Doha since October last year, carrying thousands of passengers
and crew members. (Gulf-Times.com)
 Qatar calls for immediate lifting of the siege – The siege of
Qatar, which is about to enter its second year, should be lifted
immediately, as the fabricated crisis has serious consequences
for the security and stability of the region, the United Nations
(UN) Security Council has been told. “The unjust siege and
arbitrary unilateral measures have been imposed without any
legal or realistic justification,” reiterated HE Ambassador
Sheikha Alia Ahmed bin Saif al-Thani, Qatar's permanent
representative to the UN. In a statement delivered at the
official meeting of the UN Security Council on "the situation in
the Middle East, including the Palestinian question", she
pointed out that the siege is aimed at achieving special
objectives that run counter to the provisions of international
law. “These objectives, which are incompatible with the
fundamental principles of the multilateral international order
and the basis of friendly relations and human rights, have
negative impacts on regional and international co-operation for
maintaining international peace and security.” Sheikha Alia
said that in light of the international environment, which is
fraught with growing tensions and challenges resulting from

5. Page 5 of 9
the continuation of conflicts and terrorism, the worrying
slowdown in crisis resolution, and the challenges facing the
Middle East, the region must impose co-operation and response
from all to confront them. “The serious repercussions of this
intractable crisis against Qatar on the Middle East and its direct
impact on the efforts of your esteemed Council in maintaining
international peace and security necessitate the immediate
lifting of this unjust siege and the end of unilateral and
arbitrary measures against Qatar,” she noted. (Gulf-Times.com)
 Qatar takes part in AIDMO meeting – Qatar participated in the
ministerial general assembly of the 25th Arab Industrial
Development and Mining Organization (AIDMO), in Kuwait.
Minister of Energy and Industry, HE Mohammed bin Saleh Al
Sada led the Qatari delegation. Ministers and officials of
industry and mining from Arab countries and representatives of
relevant regional and international bodies also attended. The
meeting reviewed the activities of the organization during the
24th and 25th sessions of the general assembly. It also
discussed the reports of the legal controller, the reports of the
financial and administrative control authority, and the report of
the internal auditor about the work of the organization for the
years 2016 and 2017. The organization’s work program and
budget for 2019 and 2020 were also discussed and approved.
(Peninsula Qatar)
 Pak-Qatar Takaful Group sees aggregate turnover of Rs9bn in
2017 – Pak-Qatar Takaful Group, which comprises Pak-Qatar
Family Takaful Limited and Pak-Qatar General Takaful Limited,
reviewed and approved the financial statements of both the
companies for the year that ended in December 2017. A meeting
of the Group’s Board of Directors was held recently. Pak-Qatar
Takaful is Pakistan’s pioneer and largest Takaful Group
operating for more than a decade with the largest branch
network nationwide. The meeting was chaired by Sheikh Ali
bin Abdullah al-Thani. Other board members present in the
meeting included Said Gul, Dr Abdulbasit Ahmad al-Shaibei, Ali
Ibrahim al-Abdul Ghani, Zahid Hussein Awan, Owais Ansari
and Furrukh Vaqaruddin Junaidy. Sheikh Ali praised the group’s
remarkable performance during the year 2017. Pak-Qatar
Takaful Group registered an “immense growth” during the
preceding year with an aggregate turnover of around Rs9bn.
The group posted a net profit after tax of Rs133mn during 2017.
(Gulf-Times.com)
 Ahli Bank completes annual update of the Base Prospectus –
Ahli Bank (ABQK) completed the annual update of the Base
Prospectus in relation to its $1.5bn Guaranteed Euro Medium-
Term Note (EMTN) program of ABQK Finance Limited (Issuer),
a special-purpose vehicle of Ahli Bank. This will be uploaded to
Ahli bank’s website. (QSE)
 Investment Holding Group sign contracts above QR260mn –
Investment Holding Group announced the signature of projects
and maintenance contracts worth above QR260mn, through its
subsidiaries:1) Debbas Contracting-Qatar, an electromechanical
contract worth more than QR200mn. 2) Water Master ( Qatar),
design, supply, installation and maintenance contracts for
pools, spas and water treatment, worth QR37mn. 3)
Consolidated Engineering Systems, firefighting systems
maintenance contracts worth QR23mn. (QSE)
International
 QNB Group: IMF forecast of accelerating global growth is too
optimistic – The International Monetary Fund’s (IMF) forecast
of an accelerating global growth is too optimistic, according to
QNB Group. QNB Group expects a slowdown in the global
economy to 3.6% in 2018. In its latest World Economic Outlook
(WEO), the IMF forecast acceleration in global growth for 2018
to 3.9% from 3.8% in 2017. The IMF has historically held a bias
for optimistic growth forecasts. The IMF has repeatedly revised
down its forecasts with each release of the WEO until very
recently. “We regard the IMF forecasts as too optimistic and
expect a slowdown in the global economy to 3.6% in 2018. QNB
Economics has therefore developed its own forecasts and we
lay out below the four main reasons we expect the global
economy to slow in 2018”, QNB Group noted in its weekly
‘economic commentary’. (Peninsula Qatar)
 US economy slows in first quarter, but wage growth accelerates
– The US economy slowed in the first quarter as consumer
spending grew at its weakest pace in nearly five years, but a
rise in wages amid tightening labor market conditions and
lower tax rates suggested the setback is likely temporary. Gross
domestic product increased at a 2.3% annual rate, the
Commerce Department stated in its snapshot of first-quarter
GDP, also restrained by a moderation in business spending on
equipment and investment in homebuilding. These factors were
partially offset by a rise in inventories and a narrowing of the
trade deficit. The economy grew at a 2.9% rate in the fourth
quarter. Domestic demand increased at a 1.7% rate, the slowest
in two years, after rising at a brisk 4.8% pace in the final three
months of 2017. The moderate first-quarter growth is, however,
probably not a true reflection of the economy’s health as GDP
tends to be sluggish at the start of the year because of a
seasonal quirk. Economists expect growth will accelerate in the
second quarter as more households feel the impact of the
Trump administration’s $1.5tn income tax package on their
paychecks. The tax cuts came into effect in January. (Reuters)
 UK growth falls to five-year low, Bank of England seen
delaying rate hike – Britain’s economy suffered its weakest
growth since 2012 in early 2018, with heavy snow only partly
to blame, prompting investors to slash their bets on a Bank of
England (BoE) rate rise next month. Britain’s economy grew by
just 0.1% in the first quarter of 2018, well below the BoE’s
prediction of 0.3% and at the bottom end of economists’
forecasts in a Reuters poll, official data showed. Sterling
tumbled by more than a cent against the US dollar, and interest
rate futures more than halved the chance of a May rate rise to
less than 20%. “A very weak Q1 GDP print has ended the
chances of a rate hike in May. For us, it means no hike at all in
2018,” John Wraith, a market strategist at UBS, said. In YoY
terms, growth slowed to 1.2% from 1.4%, its weakest since the
second quarter of 2012 and a rate likely to keep Britain lagging
behind its international peers. (Reuters)
 Eurozone economic sentiment data above forecasts – Morale
amongst business managers and consumers in the 19 countries
sharing the euro was better than expected in April, data for
economic sentiment and business climate from the European
Commission showed. Economic sentiment in the Eurozone was
stable in April at 112.7, the Commission said, while analysts
polled by Reuters had on average expected a fall to 112.0.

6. Page 6 of 9
Consumer confidence rose to 0.4 in April from 0.1 in March,
while confidence indicators for the manufacturing industry also
rose slightly. Managers in the retail, services and construction
sectors were less optimistic in April than in March. The
business climate index, which points to the stage in the
economic cycle, also came in above economists’ expectations at
1.35, though down from a revised 1.44 in March. (Reuters)
 French growth slowdown tests ECB optimism – French
economic growth slowed slightly more than expected at the
start of the year, adding to signs of a temporary slowdown in
the Eurozone a day after the European Central Bank played
down concerns of softness. Growth data from Austria and Spain
and Eurozone consumer and business morale, meanwhile,
painted a mixed outlook for the 19-nation bloc. The ECB sought
to calm concerns about a slowdown in the Eurozone economy
with sources telling Reuters policymakers were keen not to
upset investors’ expectations that its stimulus program would
end this year. France’s INSEE statistics agency said in a first
estimate that the Eurozone’s second-biggest economy grew
0.3% in the first three months - the slowest rate since the third
quarter of 2016. That marked a slowdown from 0.7% growth
recorded in the final three months of last year and was slightly
below economists’ average forecast for 0.4% in a Reuters poll.
(Reuters)
 French consumer spending rises less than expected in March –
French consumer spending rose less than expected in March as
spending on energy and clothes fell, data released by the INSEE
statistics agency showed. INSEE said that consumer spending
rose 0.1% in March from February, falling well short of an
average expectation of 0.5% in a Reuters poll of 14 economists.
Spending rose 1.4% on food in March and 0.7% on
manufactured goods while spending fell 1.6% for both energy
and clothes after temperatures improved following a
particularly cold February. (Reuters)
 Japan's March factory output beats expectations, inventories
build up – Japan’s industrial output rose more than expected in
March, government data showed, but a large increase in
inventories of electronic parts suggests manufacturers may
have to cut production, hurting economic growth. Separate data
showed retail sales rose less than expected in a blow to hopes
for higher consumer spending. Demand for labor, however,
increased in March as companies continue to struggle to find
workers. Japan’s industrial output rose 1.2% in March from
February, the data showed, beating the median forecast for a
0.5% increase and followed a 2.0% rise in February. (Reuters)
 Japan's household spending set to rebound in March – Japanese
household spending was expected to rebound in March from a
weak showing in February and return to a modest recovery
trend, a Reuters poll showed. Household spending was seen
likely to rise 1.1% in March from a year earlier after February’s
0.9% decline, the poll of 15 economists found. “Higher fresh
food prices due to the cold weather earlier this year have
calmed down and tourism and leisure demand appears to have
returned in spring,” said Takeshi Minami, chief economist at
Norinchukin Research Institute. “Consumer spending is
expected to return to a moderate growth trend, although it is
hard to imagine consumer spending will become strong enough
to lead economic growth.” (Reuters)
 BOJ removes timeframe for price goal, keeps policy steady –
Japan’s central bank kept policy unchanged but ditched a
timeframe it had set for hitting its inflation target, in a surprise
move analysts say is aimed at keeping market expectations for
more stimulus in check. Bank of Japan’s (BOJ) Governor
Haruhiko Kuroda warned of downside risks clouding the price
outlook, such as companies’ reluctance to raise wages,
underscoring the challenge of eradicating the public’s sticky
deflationary mindset. Economists say the waning conviction
policymakers have about their ability to drive consumer prices
is behind the BOJ’s decision to remove references to the period
in which inflation was projected to hit its elusive 2% target.
(Reuters)
 China's March industrial profit growth slows sharply to over 1-
year low – Profit growth at Chinese industrial firms slowed to
its weakest pace in over a year in March, in a sign of increasing
headwinds for the world’s second-largest economy as policy
makers navigate debt risks and a heated trade row with the US.
Profits last month were up 3.1% YoY to 589.75bn Yuan
($93.10bn), well below the 23.8% in the same period last year
and the slowest growth since December 2016, official data
showed. Earnings were up 16.1% over the first two months of
the year. The weak earnings were due to a later Lunar New Year
holiday this year, softer producer price inflation, and higher
financing costs due to currency conversion losses, He Ping of
the National Bureau of Statistics (NBS) said in a statement
accompanying the data. (Reuters)
Regional
 Oil rebound to ease GCC’s fiscal pressure – Higher oil prices are
expected to result in better current account balances in the GCC
over 2018 and 2019. The higher prices are expected to give GCC
countries more flexibility in terms of their ongoing fiscal
consolidation plans, according to KAMCO Research. However,
KAMCO analysts continue to expect initiatives to bolster the
GCC non-oil economy to be less synchronized than the previous
years, as individual GCC countries are likely to use different
fiscal tools to shore up their state finances. Citing IMF’s latest
World Economic Outlook (WEO), KAMCO’s monthly research
note stated Kuwait’s current account surplus in GDP terms to be
the highest in the region at 5.8% of GDP in 2018, improving by
720bps from their October 2018 update, while 2019 current
account surplus in GDP terms is forecasted to improve by 500
bps (3.6%). KAMCO Research noted growth revisions for the
MENA region was mixed, as 2018 GDP was brought down by 20
bps to 3.2% in IMF’s April 2018 WEO, due to the ongoing fiscal
adjustment and geopolitical risks that weigh on oil exporters.
Nevertheless for 2019, IMF pushed GDP growth for the region
up by 30bps to 3.6%, ascribed to a resumption of higher oil
output post the expiration of OPEC production cuts. (Peninsula
Qatar)
 OPEC cuts may go deeper as Angola sees output jump – While
jumping output in Venezuela captures the oil world’s attention,
problems are quietly festering in another OPEC nation. Angola,
once Africa’s biggest crude producer, is suffering sharp declines
at under-invested off-shore fields, with output dropping almost
three times as much as the nation pledged in an accord with
fellow OPEC members. With the losses set to accelerate, a
shipping program seen by Bloomberg News shows crude

7. Page 7 of 9
exports will fall in June to the lowest since at least 2008, the
organization risks tightening supply too much. (Gulf-
Times.com)
 Muslim travelers will spend $157bn by 2020 – Muslim travelers
will spend $157bn by 2020, driven by millennial travelers and
the top outbound market remains Saudi Arabia, which will
grow 17% over the next three years alone, to reach $27.9bn.
The figures were released during Arabian Travel Market’s
Global Halal Tourism Summit 2018, which was held at the
Dubai World Trade Centre. (GulfBase.com)
 ALINMA posts 38.2% YoY rise in net profit to SR582mn in
1Q2018 – Alinma Bank (ALINMA) recorded net profit of
SR582mn in 1Q2018, an increase of 38.2% YoY. Total operating
income rose 10.5% YoY to SR1110mn in 1Q2018, mainly due to
the increase in income from financing and investments in
addition to increase in fee from banking services, dividends and
exchange income. On the other hand, the total operating
expenses decreased by 8% mainly due to decrease in provisions
for impairment of financing & investments and depreciation,
while general and administrative expenses increased. Total
assets stood at SR113.75bn at the end of March 31, 2018 as
compared to SR105.08bn at the end of March 31, 2017. Loans
and advances stood at SR78.82bn (7.2% YoY), while customer
deposits stood at SR89.34bn (9.7% YoY) at the end of March 31,
2018. EPS came in at SR0.39 in 1Q2018 as compared to SR0.28
in 1Q2017. (Tadawul)
 Al-Sagr Cooperative Insurance Company signs a MoU to study
the merger with Walaa Cooperative Insurance Company – Al-
Sagr Cooperative Insurance Company announcesd the signing
of a memorandum of understanding (MOU) with Walaa
Cooperative Insurance Company (non-binding) to conduct the
technical, financial and legal due diligence and continue non-
binding discussions on terms and conditions of the proposed
merger. (Tadawul)
 Saudi Arabia aims to raise SR40bn from privatization of state
assets by 2020 – Saudi Arabia plans to raise up to SR40bn in
non-oil revenue from privatization of some of the state assets
by 2020 as it forges ahead with economic transformation efforts
to wean itself off income from crude. The Kingdom expects to
create up to 12,000 private sector jobs and generate net
government savings in capital and operational expenses of
SR25bn-SR33bn from the sale of government-owned entities
and public-private partnerships. Crown Prince Mohammed Bin
Salman, who is also the Chairman of the Council of Economic
and Development Affairs, approved a privatization program,
which will help boost the private sector’s contribution to the
Kingdom's GDP from 40% in 2016 to 65% by 2030.
(GulfBase.com)
 Saudi Arabia, Russia and China give EU trade reforms – The
EU’s new rules against countries dumping cheap goods on its
market got a rough ride at a World Trade Organization (WTO)
meeting, where China, Russia and Saudi Arabia led a chorus of
disapproval. The EU, which is in a major dispute with China
about the fairness of Chinese pricing, introduced rules last
December that allow it to take into account significant
distortions in prices caused by government intervention. A
Chinese trade official told the WTO’s anti-dumping committee
that China had deep concerns about the new methodology,
saying it would damage the WTO’s anti-dumping system and
increase uncertainty for exporters, an official who attended the
meeting said. (GulfBase.com)
 Saudia to boost fleet strength to 200 jetliners by 2020 – Saudi
Arabian Airlines (Saudia) aims to increase its fleet strength
from 147 planes at present to 200 jetliners over the next two
years as part of its aggressive expansion strategy, according to
Saudia’s Director General, Saleh Al Jasser. Al Jasser said, “We
are building on the strength of the Saudi Arabian market, the
Saudi economy is growing, there’s a lot of growth internally,
plus there is an ambitious plan to grow the religious tourism to
Saudi Arabia and we are targeting 30mn pilgrims by 2030.”
(GulfBase.com)
 UAE firm plans to invest $3bn in Pakistan’s real estate sector –
UAE-based BMS International Commercial Investment has
shown interest in investing $3bn in different economic sectors
of Pakistan, with a focus on real estate. Louai Mohammed Ali,
Chairman of BMS International Commercial Investment, made
the commitment to invest in Pakistan’s real estate
development, agriculture and fisheries, energy, hospitality and
leisure, healthcare and education sectors. (GulfBase.com)
 Dubai banks’ 1Q2018 net up 24% at AED4.49bn – The net
profits of Dubai banks jumped by around 24% to AED4.49bn
during the first quarter of this year, compared with AED3.63bn
in the first quarter of last year. The Emirate’s banks recorded
1.2% growth in their total assets in the first three months of
this year, reaching AED880.36bn compared with AED869.68bn
by the end of last year. The operating income of the four Dubai
banks grew by 11% to AED8.98bn compared with AED8.09bn in
the first quarter of last year. Equity in the four banks fell by 6%
in the first quarter as a result of applying the new international
financial reporting standards (IFRS 9), reaching AED111.3bn
compared with AED118.45bn by the end of last year.
(GulfBase.com)
 Dubai sees 2% jump in visitors during 1Q2018 – Despite
growing currency pressures, Dubai’s tourism authority stated
that the sector rallied strongly in 1Q2018. Figures showed that
Dubai continued to retain and grow its share of visitors from
across global markets. Welcoming 4.7mn international
overnight tourists from January 2018 to March 2018, the
Emirate posted a stable 2% increase in traffic versus the same
period last year, as reported by Dubai’s Department of Tourism
and Commerce Marketing (Dubai Tourism). The tourism body
said in a statement that leading source markets continued to
show their enthusiasm for Dubai, as the top three, India, Saudi
Arabia and the UK, retained their positions versus 2017.
Recording an impressive 7% YoY increase to deliver 617,000
visitors, India helped level out the slightly down second-placed
Saudi Arabia (which slipped 1%) and the steeper decline in
visitation from third-placed UK (down 8%). (GulfBase.com)
 ADCB's net profit rises to AED1,207.0mn in 1Q2018 – Abu
Dhabi Commercial Bank (ADCB) recorded net profit of
AED1,207.0mn in 1Q2018 as compared to AED1,105.3mn in
1Q2017. Net interest income came in at AED1,557.6mn as
compared to AED1,409.5mn in 1Q2017. Operating income came
in at AED2,354.4mn as compared to AED2,229.0mn in 1Q2017.
Total assets stood at AED266.65bn at the end of March 31, 2018
as compared to AED265.0bn at the end of December 31, 2017.

8. Page 8 of 9
Loans and advances to customers (net) stood at AED162.82bn,
while customers’ deposits stood at AED166.88bn at the end of
March 31, 2018. EPS came in at AED0.22 in 1Q2018 as compared
to AED0.20 in 1Q2017. (ADX)
 Abu Dhabi’s non-oil trade in January reaches AED12.4bn – Abu
Dhabi’s non-oil foreign trade in January 2018 amounted to
AED12.4bn, according to the Abu Dhabi Statistics Centre. Saudi
Arabia ranked first in Abu Dhabi’s export destination with
exports valued at AED300mn. The figures showed that the
value of exports during the first month of this year increased by
32.9%, from AED1.52bn in January 2017 to AED2bn in the same
month this year. The good improvement in the UAE exports
came amid rationalization of imports, which reached AED8.6bn
compared to AED12.4bn in the same period last year. The value
of re-export trade reached about AED1.733bn. (GulfBase.com)
 Kuwait to spend $3.04bn on new residential projects – Kuwait
government is set to spend heavily on the country's
infrastructure including the setting up of new road projects and
other key amenities besides launch of residential developments
worth KD916.6mn, according to Kuwait Times report. The cost
of new housing projects last year had been KD911.3mn, stated
the report citing the Public Authority for Housing Welfare
(PAHW) data. According to the report, the cost of the main
projects in Jaber Al Ahmad and Mutlaa cities were set to
increase from KD336mn to KD388mn. The housing authority’s
deputy director for execution Ali Al Hebail said all public
buildings of the Wafra expansion project will be completed by
the end of 2018 and handed over to relevant government
bodies. The necessary infrastructure for a major residential
project, which will house 171 units, at Abu Halifa had been
completed. (GulfBase.com)

9. Contacts
Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe
Head of Research Senior Research Analyst Senior Research Analyst
Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535
saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa
Mohamed Abo Daff QNB Financial Services Co. W.L.L.
Senior Research Analyst Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6589 PO Box 24025
mohd.abodaff@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is
regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and
opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or
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decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be
accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect.
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Page 9 of 9
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
60.0
80.0
100.0
120.0
140.0
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
QSE Index S&P Pan Arab S&P GCC
0.2%
(0.2%)
0.0%
(0.5%)
(0.4%)
0.6% 0.5%
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,323.35 0.5 (0.9) 1.6 MSCI World Index 2,096.05 0.2 (0.2) (0.4)
Silver/Ounce 16.51 (0.0) (3.5) (2.5) DJ Industrial 24,311.19 (0.0) (0.6) (1.7)
Crude Oil (Brent)/Barrel (FM Future) 74.64 (0.1) 0.8 11.6 S&P 500 2,669.91 0.1 (0.0) (0.1)
Crude Oil (WTI)/Barrel (FM Future) 68.10 (0.1) (0.4) 12.7 NASDAQ 100 7,119.80 0.0 (0.4) 3.1
Natural Gas (Henry Hub)/MMBtu 2.82 0.5 1.4 (20.3) STOXX 600 384.64 0.1 (0.8) (0.4)
LPG Propane (Arab Gulf)/Ton 93.50 2.7 13.2 (4.3) DAX 12,580.87 0.5 (1.2) (1.9)
LPG Butane (Arab Gulf)/Ton 87.00 (3.3) 1.2 (17.6) FTSE 100 7,502.21 (0.0) (0.1) (0.6)
Euro 1.21 0.2 (1.3) 1.0 CAC 40 5,483.19 0.4 (0.2) 4.0
Yen 109.05 (0.2) 1.3 (3.2) Nikkei 22,467.87 0.8 (0.1) 1.9
GBP 1.38 (1.0) (1.6) 2.0 MSCI EM 1,156.30 1.0 (1.0) (0.2)
CHF 1.01 0.1 (1.3) (1.3) SHANGHAI SE Composite 3,082.23 0.3 (0.3) (4.3)
AUD 0.76 0.4 (1.2) (2.9) HANG SENG 30,280.67 0.9 (0.5) 0.7
USD Index 91.54 (0.0) 1.4 (0.6) BSE SENSEX 34,969.70 1.1 0.9 (1.6)
RUB 62.16 (0.9) 1.2 7.9 Bovespa 86,444.66 0.8 (0.7) 7.9
BRL 0.29 0.5 (1.3) (4.2) RTS 1,167.12 1.8 1.9 1.1
87.7
86.9
77.2